(a) A dissolved limited partnership may dispose of the known claims against it by following the procedure described in subsection (b).
     (b) A dissolved limited partnership may notify its known claimants of the dissolution in a record. The notice must:

Terms Used In Illinois Compiled Statutes 805 ILCS 215/806

  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (1) specify the information required to be included
    
in a claim;
        (2) provide a mailing address to which the claim is
    
to be sent;
        (3) state the deadline for receipt of the claim,
    
which may not be less than 120 days after the date the notice is received by the claimant;
        (4) state that the claim will be barred if not
    
received by the deadline; and
        (5) unless the limited partnership has been
    
throughout its existence a limited liability limited partnership, state that the barring of a claim against the limited partnership will also bar any corresponding claim against any general partner or person dissociated as a general partner which is based on Section 404.
    (c) A claim against a dissolved limited partnership is barred if the requirements of subsection (b) are met and:
         (1) the claim is not received by the specified
    
deadline; or
        (2) in the case of a claim that is timely received
    
but rejected by the dissolved limited partnership, the claimant does not commence an action to enforce the claim against the limited partnership within 90 days after the receipt of the notice of the rejection.
    (d) This Section does not apply to a claim based on an event occurring after the effective date of dissolution or a liability that is contingent on that date.
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